soymeal future trade idea – cullen outlook – formation finder
This is a sample of Brian’s email newsletter, The Cullen Outlook.
This is from the Formation Finder portion from October 31st.
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I am looking to buy this possible bounce in Soymeal.
I have highlighted the 2 candlesticks form Friday and Monday.
I like the idea of BUYING here at 314.0 and look for the immediate bounce to take us through the week.
There are 2 trains of thought you can have on the stop price.
1) just under Friday’s low at 311.0 With this limited risk of $300, you can trade 2 contracts.
2) OR give the market a bit more room under the low tips (red arrows) of Sept 29 and Oct 4 at 309.0 and risk $500 for 1 contract.
Targets will be the small market pause as it was on its way down at 322.0 ($800) and a retest of the last high of 333.0 ($1900)
Have a look and let me know what you think….
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